Robinhood Markets, Inc. · HOOD · FY2025 Q3 · Calendar Q4 2025

Robinhood posts record revenue as product expansion accelerates

The quarter supports a constructive operating case for Robinhood: growth broadened beyond core brokerage through deposits, Gold, Prediction Markets, Bitstamp, banking, tokenization, and AI products. The key question is whether these newer businesses can scale sustainably while preserving margins and navigating regulation.

Reported After market closeNASDAQFinancial Services $101.36B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.61 Consensus $0.54
EPS surprise +13.4% Reported versus consensus
Reported revenue $1.27B Consensus $1.21B
Revenue surprise +5.1% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -10.8% Event window
SPY move -1.1% Same window
Abnormal move -9.7% Stock minus SPY
Volume 2.0× Versus trailing sessions
Subsequent drift +3.8% Up to 20 sessions
HOODSPY benchmark

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Transcript intelligence

What changed

The company reported record revenue and strong deposit and Gold growth, while highlighting new developments in Prediction Markets, tokenized equities, banking, AI indicators, Robinhood Social, and private-market access. Leadership also outlined a CFO transition, with Shiv Verma succeeding Jason Warnick.

Guidance delta

Management maintained its guidance sentiment; no specific guidance change was supplied.

Key takeaways

  • Revenue doubled to a record $1.3 billion, with adjusted EBITDA margin reaching 75% of revenue.
  • Net new deposits exceeded $20 billion and Gold cardholders reached 3.9 million.
  • Prediction Markets and Bitstamp each exceeded $100 million in annualized revenue, broadening the platform beyond core brokerage.
  • Management highlighted AI indicators, Robinhood Social, tokenized equities, banking, and international expansion.

Management priorities

  • Scale Prediction Markets, banking, tokenization, and institutional products.
  • Advance Robinhood Cortex AI indicators and Robinhood Social.
  • Expand token listings and secondary trading while evaluating private-market products.
  • Maintain disciplined capital allocation through the CFO transition.

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Earnings History

Estimate Beat Miss Match
HOOD EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $0.01 Q4 '23 actual $0.03, beat Q1 '24 estimate $0.06 Q1 '24 actual $0.18, beat Q2 '24 estimate $0.15 Q2 '24 actual $0.21, beat Q3 '24 estimate $0.18 Q3 '24 actual $0.17, match Q2 '25 estimate $0.31 Q2 '25 actual $0.42, beat Q3 '25 estimate $0.54 Q3 '25 actual $0.61, beat Q4 '25 estimate $0.63 Q4 '25 actual $0.66, beat Q1 '26 estimate $0.39 Q1 '26 actual $0.38, match Q2 '26 estimate $0.44 Q2 '26 actual $0.62, beat Q3 '26 estimate $0.52 Q4 '26 estimate $0.59 Q1 '27 estimate $0.60
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Analyst Consensus ?

ConsensusBuy26 ratings
Bullish2076.9%
Neutral415.4%
Bearish27.7%

Analyst 52W Price Targets

$112.74Current
$5Low
$104.59Average
$171High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Morgan Stanley Overweight OverweightMaintainSep 30, 2026
Deutsche Bank Buy BuyMaintainSep 30, 2026
Keefe, Bruyette & Woods Market Perform Market PerformMaintainSep 29, 2026
BTIG Buy BuyMaintainSep 29, 2026
Citizens Market Outperform Market OutperformMaintainSep 11, 2026
Show 21 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $112.74. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoAnalyst unavailable$125$111.15 +10.9%Oct 1, 2026
Loop Capital MarketsMark Palmer$170$112.08 +50.8%Oct 1, 2026
Goldman SachsAnalyst unavailable$145$112.5 +28.6%Sep 30, 2026
KeyBancAnalyst unavailable$140$115.39 +24.2%Sep 30, 2026
Summit Redstone PartnersMichael Cyprys$150$116.22 +33.0%Sep 30, 2026
See 153 more

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Company context

Snapshot as of publication

Robinhood Markets, Inc. operates a financial services platform available to users throughout the United States. This platform empowers individuals to engage in a wide array of investments, encompassing common stocks, exchange-traded funds (ETFs), options contracts, gold, and various cryptocurrencies. Beyond its core trading functionalities, the company dedicates efforts to providing educational and informational resources.…

Historical context

All HOOD earnings

Financial Services peers this season

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
  3. Polygon adjusted daily market bars · 2026-10-03T10:36:05.110559+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T10:36:05.108107+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.